PZ Bollinger Trend MT5 Indicator

A personal implementation of the famous Bollinger bands indicator as a trend following mechanism, which uses a moving average and the standard deviation to define what a trend is and when it changes. Bollinger bands are usually used as an oversold/overbought indicator only, but in my opinion, the trading approach is more complete using the trend variant as an exit strategy.

https://www.mql5.com/en/market/product/66814

Settings

When loading the indicator to any chart, you will be presented with a set of options as input parameters. Do not despair if you think they are too many, because parameters are grouped into self-explanatory blocks. This is what each block of parameters does.

• Period - MA period of Bollinger bands.
• Deviation - standard deviation for Bollinger bands.
• Max History Bars - past bars to draw when the indicator loads.
• Drawing Settings - colors and sizes for arrow objects.
• Alerts - enable/disable alerts of all kinds, or set a custom alert text

Indicator:

PZ_BollingerTrend.ex5
PZ_BollingerTrend.ex4

Setting for CP v2.54:

Test_v2.54.set